Gulf banks raise interest rates following US Federal Reserve hike

WAM
23 Mar 2023, 11:07 GMT+10

ABU DHABI, 22nd March, 2023 (WAM) -- The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised its key interest rate by 25 basis points tonight.

The Saudi Central Bank raised the rate of Repurchase Agreement (Repo) by 25 basis points to 5.50 percent, and the rate of Reverse Repurchase Agreement (Reverse Repo) by 25 basis points to 5.00 percent.

In Bahrain, the one-week deposit facility rate increased to 5.75% from 5.5% and the overnight deposit rate was raised to 5.5% from 5.25%, Bahrain's Central Bank tweeted.

The Central Bank of Qatar likewise raised its interest rates by 25 basis points effective on Thursday, hiking deposit, lending and repo rates by 25 bps to 5.25%, 5.75% and 5.5%, respectively.

Earlier, the Central Bank of the UAE raised the base rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points - from 4.65% to 4.90%, effective from Thursday, 23 March 2023.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Santa Barbara Post.

More Information

47 ℉

Fair in Santa Barbara

United States

Section

Israel ignores U.S., as civilian casualties start mounting in Gaza again

Israel resumed its military operation in the Gaza Strip on Friday with heavy bombardments. As strikes continue, the United States ...

Hockey players making waves on social media

This campaign explores ice hockey players' influence and popularity beyond their National Hockey League (NHL) careers. The goal was to ...

State troopers rescue escaped bull wandering on Phoenix freeway

Phoenix, Arizona: On November 24, Arizona state troopers said an escaped bull was seen wandering on a Phoenix freeway, but ...

Zelenskyy Thanks Those Helping Fight Against Invasion

Ukrainian President Volodymyr Zelenskyy on Saturday thanked everyone who has helped Ukraine in its fight against Russia's invasion, including soldiers, ...

'Fallout' official teaser out now, series to stream from April 2024

Sao Paulo [Brazil], December 3 (ANI): Makers of the upcoming anticipated series 'Fallout' on Saturday unveiled the teaser at the ...

Former US President Donald Trump calls Biden "destroyer of American democracy"

Washington DC [US], December 3 (ANI): Former US President Donald Trump has called US President Joe Biden a "destroyer of ...

International

Section